Technical analysis for crude oil – 20 February 2013

Crude oil markets rose during the session on Tuesday, where penetrated to above the level of 97.00 $ again. And we pass through the strengthening for some time, and this seems simply a continuation of this. I do not think necessarily that the level of 90.00 $ will penetrate, but if it happens, it will be a strong progressive signal. With this, I have to admit that the $ 100.00 level it seems as if it will be very resistant to the other, and hence, will be the height somewhat limited because of this level.
That the level of 95.00 $ supposed to continue to provide support. In other words, we are trapped in this scale now, and therefore this market is suitable for short periods traders in the best of cases. With this, we will sooner or later infiltration to an abscess and I think that there is strong resistance to this market at $ 100.00, which can penetrate and to send this market to higher levels. For sale, contains the way down on the many levels of support, but I think that the hack to below $ 95.00 could lead to a decline this market up to the level of 93.00 $.

The agent for global growth
In a lot of times, using this market as a proxy for global growth and potential expansion. Traders will purchase oil markets in reaction to the expected growth in the industrial space in the world, and therefore, this market does not necessarily reflect the actual demand. In fact, the demand is relatively weak in most industrialized regions, where either they are in a state of recession or very slow growth.

With this, we must also take into consideration that the Fed controls the value of the dollar through the expansion of quantitative easing. In other words, the weaker dollar means that buy commodities such as oil, will need to more dollars. With this into consideration, it is possible that we get another rise based on the theme of liquidity alone. For this reason, I am simply looking for buying this market only, but will focus on the shorter time frames where the the market relatively narrow range now.

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